USDJPY Analysis.
USDJPY remains in uptrend from 76.02, the price action in the trading range between 80.01 and 81.86 is treated as consolidation of the uptrend. Lengthier sideways movement in the range would likely be seen over the next several days. As long as 80.01 support holds, we’d expect uptrend to resume, and another rise towards 85.00 is still possible after consolidation, and a break above 81.86 could signal resumption of the uptrend.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0855, the rise from 1.0507 is likely consolidation of the downtrend. Resistance is located at the upper border of the downward price channel on 4-hour chart, downtrend could be expected to resume after touching the channel resistance.
USDCAD Analysis.
Being contained by 1.0050 resistance, USDCAD pulled back from 1.0028. However, another rise to re-test 1.0050 resistance would likely be seen, a break above this level will signal completion of the downtrend from 1.0422 (Dec 14, 2011 high).
USDCHF Analysis.
USDCHF’s upward movement from 0.8931 extends to as high as 0.9200. Further rise is still possible after a minor consolidation, and next target would be at 0.9300 area. Support is at 0.9100, only break below this level could signal completion of the uptrend.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3486. Further decline would likely be seen after a minor consolidation, and next target would be at 1.3000 area. Resistance is at 1.3240, only break above this level could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.5991 extends to as low as 1.5696. Another fall to test 1.5648 key support is expected later today, a breakdown below this level will confirm that the uptrend from 1.5236 has completed at 1.5991 already, then the following downward movement could bring price to 1.5000 area.
